Kimbal Musk, brother of Elon Musk and a board member of Tesla Inc. (NASDAQ:TSLA), has offloaded over $25 million worth of Tesla shares, as per a recent SEC filing.
What Happened: Kimbal Musk, known for his regular trading activities, sold 56,820 shares of Tesla common stock on December 9.
According to the filing, the shares were traded at a weighted average price of $450.66, with individual transactions ranging from $450.44 to $450.90, totaling approximately $25.6 million.
The SEC filing also disclosed that Kimbal donated 15,242 shares to a donor-advised fund. Based on the execution price of the sold shares, this donation is valued at around $6.8 million.
Despite these transactions, Kimbal still holds a significant stake in Tesla, with 1,376,373 shares held directly.
Kimbal is recognized for his accurate predictions on Tesla’s stock performance, with Tesla’s current price-to-earnings ratio exceeding 300.
Why It Matters: The sale comes amid a surge in Tesla’s stock price, providing an opportune moment for Kimbal to cash in.
His donation to the donor-advised fund is a common practice, allowing him to claim the tax deduction for the charitable contribution immediately while distributing the funds to specific charities over time.
This move demonstrates Kimbal’s strategic approach to managing his significant stake in Tesla, balancing personal gain with philanthropic efforts.
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This article Here’s Why Elon Musk’s Brother Unloaded $25 Million In Tesla Stock originally appeared on Benzinga.com
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